Munich-based EGYM, which specialises in connected fitness equipment and personalised training tech, has secured nearly $200 million in growth capital. The investment came from L Catterton, a global consumer-focused investment firm, and Meritech Capital, a Silicon Valley technology-focused venture firm. This round boosts the company’s valuation to over $1 billion.
This follows the recent investment in the sector, including Reform RX and Harbiz.
Funds utilisation
The investment will support the continued expansion of the EGYM Wellpass corporate wellness network and further development of innovative digital solutions, smart strength equipment and tech-enabled products for data-driven and personalised training. This will allow fitness club operators to deliver a distinctive experience to its members.
Marc Magliacano, a Managing Partner in the L Catterton Flagship Fund and a successful fitness investor for over 20 years, said, “I am convinced that EGYM will help to revolutionise the way people workout in gyms across the globe. EGYM’s technology enables gyms to become far more appealing and effective to both experienced and new gym members through unprecedented personalisation and measurement.”
Paul Madera, Co-Founder and Partner at Meritech, said, “EGYM has impressed us with their ability to bring a huge vision – one that was particularly challenging to execute in the early stages – to market so successfully. EGYM now offers employers a truly technology-driven solution that increases employee wellbeing and productivity while reducing sick days and healthcare costs.”
Data-driven fitness technology
Founded by Philipp Roesch-Schlanderer, EGYM’s mission is to transform the healthcare industry via advanced, data-driven fitness technology. It focuses on preventing chronic conditions rather than addressing the same. The company offers EGYM Wellpass corporate fitness memberships, which unlock access to a diverse breadth of fitness facilities to millions of employees worldwide. It also offers integrated and tech-enabled smart strength equipment and software installed across fitness clubs globally.
The EGYM Wellpass corporate wellness network currently has 17,000 sports partners and 14,000 corporate customers with over three million eligible employees.
EGYM offers gym operators new-gen smart, integrated strength equipment and data-enabled tools to engage with, train and retain members through AI-developed personalised workouts, health metrics tracking and interconnectivity across a member’s activities and workouts in any fitness club.
The company’s new, AI-based software innovation, EGYM Genius creates fully automated, personalised training plans (using the individual’s specific biological capabilities) that are precisely adapted to all the equipment in any fitness or health facility. EGYM Genius connects all parts of the company’s ecosystem with over 200 connected partner brands.
Growth plans
Around 18,000 fitness and health facilities, including many of the world’s largest enterprise studio chains, use its products and services. Six million people around the world train with EGYM every month.
The company has helped millions of employees creating a healthier employee population, enhancing employee health, productivity, retention and satisfaction, enabling employers to enjoy higher employee retention. EGYM has driven rapid and profitable growth in Europe and is excited by the opportunity to transform the US fitness market.
EGYM CEO Philipp Roesch-Schlanderer stated: “L Catterton and Meritech were my two absolute dream investors for our mission to build the leading global platform at the intersection of fitness and healthtech. With Marc and Paul, we are strengthening our board with both fitness industry and technology experts. They share our vision of turning the world’s largest market, the healthcare industry, from repair to prevention. Thanks to our smart technology solutions and our fast-growing international corporate wellness platform, we now have a real opportunity to accelerate this change and are more determined than ever to do so.”
